Samsung will patch malware exploit affecting Galaxy S III and Galaxy Note II

Samsung (005930) Galaxy S III and Galaxy Note II owners had a big scare last week when it was discovered the smartphones are vulnerable to app-based attacks stemming from a security hole with their Exynos-4 processors. Samsung confirmed to Android Central that it has investigated the “potential security issue” and re-states that the “issue may arise only when a malicious application is operated on the affected devices; however, this does not affect most devices operating credible and authenticated applications.” Nonetheless, Samsung will be releasing a software update “to address it as quickly as possible.” Samsung’s swift action is reassurance that it values the more than 30 million Galaxy S III and more than 5 million Galaxy Note II customers it has racked up this year.

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Kodak in $525 million patent deal, eyes bankruptcy end

Eastman Kodak Co agreed to sell its digital imaging patents for about $525 million, a key step to bringing the photography pioneer out of bankruptcy in the first half of 2013.
The deal for the 1,100 patents allows Kodak to fulfill a condition for securing $830 million in financing.
The patent deal was reached with a consortium led by Intellectual Ventures and RPX Corp, and which includes some of the world's biggest technology companies, which will license or acquire the patents.
Those companies are Adobe Systems Inc, Amazon.com Inc, Apple Inc, Facebook Inc, Fujifilm, Google Inc, Huawei Technologies Co Ltd, HTC Corp, Microsoft Corp, Research In Motion Ltd, Samsung Electronics Co Ltd and Shutterfly Inc, according to court documents.
Kodak still must sell its personalized and document-imaging businesses as part of the financing package, and also has to resolve its UK pension obligation.
Kodak said the patent deal puts it on a path to emerge from Chapter 11 in the first half of 2013.
"Our progress has accelerated over the past several weeks as we prepare to emerge as a strong, sustainable company," said Antonio Perez, chairman and chief executive of the Rochester, New York-based company.
The patent portfolio was expected to be a major asset for Kodak when it filed for bankruptcy in January. An outside firm had estimated the patents could be worth as much as $2.6 billion.
Kodak's patents hit the market as intellectual property values have soared and technology companies have plowed money into patent-related litigation.
For example, last year Nortel Networks sold 6,000 wireless patents in a bankruptcy auction for $4.5 billion and earlier this year Google spent $12.5 billion for patent-rich Motorola Mobility.
But Kodak's patent auction dragged on beyond the initial expectation that it would be wrapped up in August. One patent specialist blamed those early, overly optimistic valuations, which he said encouraged Kodak's team to set their sights too high.
"Unfortunately (Kodak management) was misled into thinking it was worth billions of dollars and it wasn't," said Alex Poltorak, chairman of General Patent Corp, a patent licensing firm. "I think they sold them at a very good price."
He said after Google acquired Motorola, the search engine company no longer needed patents at any price, deflating the intellectual property market.
Kodak traces its roots to the 19th century and invented the handheld camera. But it has been unable to successfully shift to digital imaging.
It will likely be a different company when it exits bankruptcy, out of the consumer business and focused instead on providing products and services to the commercial imaging market.
The patent sale is subject to approval by the U.S. Bankruptcy Court in Manhattan.
The Kodak bankruptcy case is in Re: Eastman Kodak Co. et al, U.S. Bankruptcy Court, Southern District of New York, No. 12-10202.

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Kodak acuerda venta patentes por 525 mln dlr, busca fin bancarrota

La firma Eastman Kodak Company acordó vender sus patentes de imágenes digitales en una operación valuada en 525 millones de dólares, un paso clave para que la empresa pionera de la fotografía pueda salir de la bancarrota en el primer semestre del 2013.
El acuerdo por 1.100 patentes permite a Kodak cumplir una condición para conseguir 830 millones de dólares de financiamiento.
El acuerdo sobre patentes se logró con un consorcio liderado por Intellectual Ventures y RPX Corp, que incluye a algunas de la compañías de tecnología más grandes del mundo, que comprarán o licenciarán las patentes.
Esas compañías son Adobe Systems Inc, Amazon.com Inc, Apple Inc, Facebook Inc, Fujifilm, Google Inc, Huawei Technologies Co Ltd, HTC Corp, Microsoft Corp, Research In Motion Ltd, Samsung Electronics Co Ltd y Shutterfly Inc, según documentos de la corte.
Kodak aún debe vender su negocio de imágenes personalizadas y de documentos como parte del paquete de financiamiento, y además debe resolver sus obligaciones de pensiones en el Reino Unido.
La compañía dijo que el acuerdo de patentes la pone en camino a salir de la bancarrota en la primera mitad del 2013.
"Nuestros avances se han acelerado durante las últimas semanas a medida que nos preparamos para surgir como una compañía sólida y sostenible", dijo Antonio Pérez, presidente ejecutivo de la firma con sede en Rochester, Nueva York.
Cuando Kodak solicitó la bancarrota en enero, se esperaba que la cartera de patentes fuera un enorme activo para la empresa. Una compañía externa había estimado que las patentes pudiesen valer hasta 2.600 millones de dólares.
Las patentes de Kodak salieron al mercado en momentos en que los valores de la propiedad intelectual se han disparado y las compañías de tecnología han destinado mucho dinero a litigios legales relativos a patentes.
Por ejemplo, Nortel Networks vendió el año pasado 6.000 patentes inalámbricas en una subasta por bancarrota por 4.500 millones de dólares y anteriormente este año Google gastó 12.500 millones de dólares por Motorola Mobility, que tiene una amplia cartera de patentes.
Pero la subasta de patentes de Kodak se prolongó más allá de las expectativas iniciales, que apuntaban a una conclusión en agosto. Un especialista en patentes culpó a las estimaciones iniciales extremadamente optimistas, que dijo alentaron al equipo de Kodak a poner sus metas demasiado altas.
"Lamentablemente (la gerencia de Kodak) fue engañada y creyó que valía miles de millones de dólares, pero no era así", dijo Alex Poltorak, presidente de General Patent Corp, una firma de licencias de patentes. "Creo que las vendieron a un muy buen precio", agregó.
El dijo que después de que Google compró a Motorola, la compañía de búsquedas en internet ya no necesitaba patentes a ningún precio, lo que hizo caer los precios del mercado de propiedad intelectual.
Las raíces de Kodak se remontan al Siglo XIX e inventó la cámara portátil. Pero no ha podido girar con éxito a la fotografía digital.
Posiblemente será una compañía diferente cuando salga de la bancarrota, fuera del negocio para los consumidores y concentrada, en cambio, en brindar productos y servicios al mercado de imágenes comerciales.
Los acuerdos están sujetos a la aprobación de la Corte de Bancarrota de Estados Unidos en Manhattan.

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Kodak sells digital imaging patents for $525M

Eastman Kodak is selling its digital imaging patents for about $525 million, money the struggling photo pioneer says will help it emerge from bankruptcy protection in the first half of next year.
Apple Inc., Google Inc., Samsung Electronics Co., Research In Motion Ltd., Microsoft Corp., China's Huawei Technologies, Facebook Inc. and Amazon.com Inc. are among the 12 companies paying to license the 1,100 patents, according to court filings. Patents have become very valuable to digital device makers, who want to protect themselves from intellectual property lawsuits. But Kodak, which has been trying to make the sale happen for more than a year, wound up receiving substantially less money than had been expected.
Rochester, N.Y.-based Eastman Kodak Co. said Wednesday that the patent sale will help it repay a substantial amount of a loan it received under the bankruptcy process. It also satisfies a key condition of a new, cheaper $830 million loan package, which required that the patents be sold for at least $500 million.
Founded in 1880, Kodak filed for Chapter 11 bankruptcy protection in January after a long struggle to stay relevant. First came competition from Japanese companies, then the shift from film to digital photography over the past decade. Kodak failed to keep up. The once-mighty company, whose workforce peaked at 145,300 in 1988, said at the end of September that it expected to wind up with 13,100 employees after another round of job cuts.
Since filing for bankruptcy protection, Kodak has sold off several businesses, such as its online photo service, and said it would shut down other divisions, including the manufacturing of digital cameras. The company intends to focus on commercial and packaging printing. It sees home photo printers, high-speed commercial inkjet presses, software and packaging as the core of its business as it emerges from bankruptcy.
Kodak began mining its patent portfolio for license revenue in 2008. In January 2010, it sued Apple and RIM, saying that smartphone makers infringed its patent for technology that lets a camera preview low-resolution versions of a moving image while recording still images at higher resolutions.
But by July 2011, it was trying to sell its 1,100 digital imaging patents. Analysts initially thought the portfolio could fetch between $2 billion and $3 billion. But Kodak struggled to find a buyer.
The 12 licensees for Kodak's imaging patents were organized by Intellectual Ventures and RPX Corp. Kodak spokesman Christopher Veronda said each licensee will pay a portion of the total cost and then have access to all the patents. The deal also includes an agreement to settle patent-related litigation.
The sale represents "another major milestone toward successful emergence" from bankruptcy, said Antonio M. Perez, Kodak's chairman and CEO, in a statement. "Our progress has accelerated over the past several weeks as we prepare to emerge as a strong, sustainable company."
Kodak will keep ownership of about 9,600 patents, focused mostly on commercial imaging and printing technologies.

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News Summary: Kodak sells patents for $525 million

STEPPING STONE: Eastman Kodak is selling its digital imaging patents for about $525 million, money the struggling photo pioneer says will help it emerge from bankruptcy protection in the first half of 2013.
GROUP OF 12: Apple Inc., Google Inc., Samsung Electronics Co., Research In Motion Ltd., Microsoft Corp., China's Huawei Technologies and Facebook Inc. are among the 12 companies paying to license the 1,100 patents, according to court filings.
HISTORY: Founded in 1880, Kodak filed for Chapter 11 bankruptcy protection in January after a long struggle to stay relevant. First came competition from Japanese companies, then the shift from film to digital photography. Kodak failed to keep up.

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Celebrity, Inc.

What can four drunk airplane passengers, first time parents, and a delightful new book called Celebrity, Inc. do for your wallet?
Plenty.
Let me start with the drunks and new parents. Monday night I boarded a very delayed flight from Houston to Los Angeles. Behind me were four 20/30-somethings boisterously swigging from "coffee" cups. (Our gate was across from a Cantina and you could practically smell the tequila in their paper cups.)
As the boarding continued they grew increasingly animated. Their frenetic energy seemed to wind up not just each other but everyone around them. Fellow passengers were visibly agitated.
Just before the plane doors closed, a young couple came on with a sleeping baby. The last two open seats were amongst this motley crew.
Suddenly, everything changed.
The presence of the earnest and exhausted parents had an immediate calming effect on both the inebriated passengers and those around them. It was as if a mirror had been placed in the center of the plane to remind us all of our humanity.
Enter, Jo Piazza's delicious new book, Celebrity, Inc: how famous people make money.
To me, this book is the figurative version of the newborn's parents getting on the plane. It serves as a mirror reflecting back the reality what's in the "coffee" cups of the celebrity scene.
That got me wondering what other financial lessons the author of Celebrity, Inc. might have stumbled across while writing this fascinating book. Thankfully, Jo Piazza was willing to share with us...
Q: Of the celebrities you profile in Celebrity, Inc. whose money attitude were you most impressed with and why?
Jo: Despite current controversy I was completely impressed with the Kardashian's money attitude and their work ethic. I have never met a celebrity crew who works so hard to maintain their brand. I don't necessarily agree with the massive amounts they are paid to do what they do, but unlike a lot of celebs they truly do work for it. And beyond that they manage their money well. They budget, they funnel funds back into new projects, they try not to spend excessively and they do donate a portion of their income to charity each year.
(2) What surprised you the most about the money habits you observed during your Celebrity, Inc. research?
Jo:  So many of the people I talked to over-spent their budgets on a consistent basis even though they were making crazy amounts of money. Spencer Pratt told me he and Heidi Montag pulled in about $10 million in 4 years but because they thought it would keep coming at the same rate they blew through it all. That's a common thread I found with a lot of celebs. They're making so much but they're spending just as quickly. They buy $5 million houses and spend half a million on a security detail and they rarely save a dime. I just don't think they realize the shelf life of fame is shorter than ever and they may not be famous tomorrow.
(3) What personal finance lessons do you think the rest of us can take away from the way famous people live their lives?
Jo: Budgeting for a rainy day is the best thing we can learn from celebrities in terms of personal finance. I saw so many cases of celebs who thought it would last forever and then forever came up really... quick.
I was inspired by the extent to which celebs expand their personal brands. Tim McGraw went from country singer to fragrance king. When Valerie Bertinelli's career as an actress seemed like it was over she reinvented herself through a weight loss campaign. I don't think we see these instances of celeb entrepreneurship as inspiring enough and I truly think they should be a lesson in taking chances, building a new business and making lemonade out of lemons.
In many ways our celebrity culture is like a group of chaotic drunk people. It lurches rapidly from one topic and fad to the next. In the heat of the excitement money can feel like no object. But the financial hangover of being, or trying to emulate, that lifestyle can result in a serious financial crash.

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Rate on 30-year mortgage ticks up to 4 pct.

The average rate on the 30-year mortgage stayed hovered above the record low for a third straight week. But cheap mortgage rates have done little to boost home sales or refinancing.
Freddie Mac said Thursday that the rate on the 30-year loan ticked up to 4 percent from 3.99 percent. Six weeks ago, it dropped to a record low of 3.94 percent, according to the National Bureau of Economic Research.
The average rate on the 15-year fixed mortgage rose to 3.31 percent from 3.30 percent. Six weeks ago, it hit a record low of 3.26 percent.
Rates have been below 5 percent for all but two weeks this year. Yet this year could be the worst for home sales in 14 years.
Mortgage applications fell 10 percent this week from the previous week, according to the Mortgage Bankers Association.
High unemployment and scant wage gains have made it harder for many people to qualify for loans. Many Americans don't want to sink money into a home that could lose value over the next three to four years. And most homeowners who can afford to refinance already have.
The low rates have caused a modest boom in refinancing, but that benefit might be wearing off. Most people who can afford to refinance have already locked in rates below 5 percent. Refinancing fell 12.2 percent last week, according to the mortgage bankers group.
The average rates don't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fees for the 30-year and 15-year fixed mortgages were unchanged at 0.7.
The average rate on the five-year adjustable loan fell to 2.97 percent from 2.98 percent. The average rate on the one-year adjustable loan increased to 2.98 percent from 2.95 percent.
The average fees on the five-year and one-year adjustable loans were both unchanged at 0.6.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.

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Rate on 30-year mortgage ticks up to 4 percent

The average rate on the 30-year mortgage hovered above the record low for a third straight week. But cheap mortgage rates have done little to boost home sales or refinancing.
Freddie Mac said Thursday that the rate on the 30-year loan ticked up to 4 percent from 3.99 percent. Six weeks ago, it dropped to a record low of 3.94 percent, according to the National Bureau of Economic Research.
The average rate on the 15-year fixed mortgage rose to 3.31 percent from 3.30 percent. Six weeks ago, it hit a record low of 3.26 percent.
Rates have been below 5 percent for all but two weeks this year. Yet this year could be the worst for home sales in 14 years.
Mortgage applications fell 10 percent this week from the previous week, according to the Mortgage Bankers Association.
High unemployment and scant wage gains have made it harder for many people to qualify for loans. Many Americans don't want to sink money into a home that could lose value over the next three to four years. And most homeowners who can afford to refinance already have.
The low rates have caused a modest boom in refinancing, but that benefit might be wearing off. Most people who can afford to refinance have already locked in rates below 5 percent. Refinancing fell 12.2 percent last week, according to the mortgage bankers group.
The average rates don't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fees for the 30-year and 15-year fixed mortgages were unchanged at 0.7.
The average rate on the five-year adjustable loan fell to 2.97 percent from 2.98 percent. The average rate on the one-year adjustable loan increased to 2.98 percent from 2.95 percent.
The average fees on the five-year and one-year adjustable loans were both unchanged at 0.6.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.

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Rate on 30-year fixed mortgage falls to 3.98 pct.

The average rate on the 30-year fixed mortgage hovered above its record low for a fourth straight week. But cheap mortgage rates have done little to boost home sales or refinancing.
Freddie Mac says the rate on the 30-year fixed loan fell to 3.98 percent from 4 percent the previous week. Seven weeks ago, it dropped to a record low of 3.94 percent, according to the National Bureau of Economic Research.
The average rate on the 15-year fixed mortgage edged down to 3.3 percent from 3.31 percent. Seven weeks ago, it too hit a record low of 3.26 percent.
Rates have been below 5 percent for all but two weeks this year. Yet this year could be the worst for home sales in 14 years.

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U.S. Housing Market Still On Life Support

With each passing year, the former Oracle of the Fed, Alan Greenspan, is reminded that there really was a housing bubble and lowering interest rates to record lows just matters worse.  Nearly four years after the housing market peak in 2007, record low mortgage rates are no match for falling incomes and 9% unemployment.
The Case-Shiller Home Price Index, released on Tuesday, showed that nation wide home prices did not register a significant change in the third quarter of 2011, with the U.S. National Home Price Index up by only 0.1% from its second quarter level. Home prices are down 3.9% across the board and are now back to their first quarter of 2003 levels.
From August to September, housing prices have fallen the most in Atlanta, with a 5.9% decline, followed by Tampa Bay and San Francisco, both with a 1.5% drop in housing prices.
Boston, New York, Washington and Los Angeles remain the most expensive cities in the lower 48 states.
"The plunging collapse of prices seen in 2007-2009 seems to be behind us," says David M. Blitzer, Chairman of the Index Committee at S&P Indices. "Any chance for a sustained recovery will probably need a stronger economy."

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